In Newport Beach, a scandal unravels as an employee stands accused of embezzling nearly $7 million from a classic car company.
At a Glance
- Alexander G. Ramos, 62, was arrested for allegedly embezzling $7 million from his employer
- Ramos allegedly re-entered the U.S. illegally after previous deportation
- Felony wire fraud charges could lead to a 20-year federal prison sentence
- The FBI and FDIC are investigating the case
Allegations and Arrests
Alexander G. Ramos, 62, accused of embezzling close to $7 million from a Newport Beach car company, faces charges that could lead to up to 20 years in federal prison. Arrested on May 22, Ramos is held without bail, with a court date set for June 30. Investigations focus on the alleged inflating of vendor invoices, a scheme supposedly benefiting Ramos as surplus funds trickled into his accounts.
Newport Beach man accused of entering US illegally and embezzling $7 million from employer
Ramos was previously deported from the United States in 2017 due to his illegal status, yet reportedly found his way back into the country. His return converged with a position in a Newport Beach classic car company, allowing access to loans and relationships with title agents. Allegedly, Ramos orchestrated the embezzlement by contacting entities like the Nevada DMV, obtaining excessive funds transferred to accounts under his control.
The Scheme’s Mechanics
Ramos’s work in the risk management department, pivotal to this scandal, provided him access to critical financial avenues within the company. His tenure from 2017 to September 2024 suggests a long con, arranged under the guise of necessary transaction handling. This operation allegedly navigated checks and wires making improper channels back to the fraudster, with an estimated $7 million amassed in Ramos-controlled accounts.
“A law enforcement review of financial records revealed that approximately $7 million in checks and wires were deposited in Ramos-controlled bank accounts from the outside entities in the car industry,” – U.S. Attorney’s Office
The embezzled funds reportedly funded personal endeavors, including real estate acquisitions in Irvine, indicating extravagant misuse. Federal authorities suggest the illegal activity stretches back to at least January 2020. As intricate investigations unfold, the aftermath of Ramos’s transactions and his court trial’s developments prove significant as legal processes progress.
Impacts and Investigations
The FBI and the FDIC Office of Inspector General intensify their scrutiny over these dealings, elevating discussions about workplace integrity and immigration law. Concerns mount around how such breaches in protocol occur and persist for significant periods, risking financial stability and the reputations of businesses.
“Ramos allegedly caused checks to be issued from the victim company to certain parties, including a Las Vegas DMV services business,” officials said. “The checks were supposed to cover expenses for tax, titling and licensing associated with car purchases.” – officials
This scandal encapsulates issues beyond just alleged personal greed, highlighting vulnerabilities within financial processes and immigration policy loopholes. As conservative patriot reader, such stories resonate, emphasizing the need to rectify system weaknesses exploited by bad actors, safeguarding American businesses and their workers.
